The newspaper reported that the BBB had instead launched a "united front", which it claimed would become the "voice of the coloured people" across the country over the next few months.
BBB president Danny Titus reportedly said the new formation would only be a vehicle for broad discussion on matters affecting coloureds.
"The way to solve the problems brown people are facing is not by launching a political party. We believe that more than that is necessary," he was quoted as saying at the BBB national conference on Monday.
According to the report, the united front would be led by a supreme council made up of three members of each organisation represented at the conference.
These organisations included the National Coloured Party, the National Khoisan Council, and the SA Cape Corps Military Veterans' Association.
The BBB's deputy president was former Western Cape premier Peter Marais.